Energy company TotalEnergies announced today the acquisition of solar and storage company SunPower’s B2B distributed power-focused Commercial & Industrial Solutions (CIS) business for $250 million, including a $60 million of earn-out.
TotalEnergies holds a roughly 51% stake in SunPower, and the deal is not expected to reduce its stake.
According to TotalEnergies, the deal will both advance the company’s renewable energy footprint in the U.S. and add to its growing portfolio of distributed generation assets. The acquisition will enable TotalEnergies to extend its distributed generation business to the U.S. and to develop over 100 MW of additional capacity per year.
Vincent Stoquart, Senior Vice President Renewables for TotalEnergies, said:
“With this acquisition, TotalEnergies is further investing to grow its distributed generation activity in the U.S. and support its B2B customers in meeting their sustainable development goals. It is a new milestone in our renewable development in the country, where we are targeting 4 gigawatts of solar capacity by 2025.”
The deal will also allow SunPower to pursue its recently announced strategy to focus on its high-growth residential business.
Peter Faricy, CEO of SunPower, said:
“The sale enables SunPower to focus on creating a superior residential experience, increase our investment in product and digital innovation, and reach more homeowners. The enhanced strategic clarity created by this transaction will help SunPower lead the industry and deliver maximum value to our investors, partners and customers.”